Tuesday, March 10, 2009

Wall Street Speaks!

Finally, NObama shut his pie hole long enough to let Wall Street have it's say. With no speeches about how bad shit is coming from our not-so-illustrious President, Wall Street signaled that just MAYBE he and his vision of change is the problem, not the cure for our economic woes. The Dow Industrials soared 5.8%, or $379.44, to end at $6926.49. Not to be outdone, the Nasdaq climbed an even higher 7.07%, or $89.64, to end at $1358.28.

In reality, some of the credit for today's rise in the markets has to go to Citigroup. They are looking for over $8 Billion in profit for the 1st quarter this year. HMMMMMM, and they needed HOW much of our bailout dollars? Maybe they can start repaying us already? Yeah right! Like that is going to happen.

In a letter to employees Monday, Citi Chief Executive Vikram Pandit said the performance this year has been the bank's best since the third quarter of 2007 -- the last time it booked a profit for a full quarter. Based on historical revenue and expense rates, Citi's projected earnings before taxes and one-time charges would be about $8.3 billion for the full quarter.

Pandit declined to say how large credit losses and other one-time items have been that would at least partially offset profit.

Citi surged 38 percent while Bank of America Corp. jumped 27.7 percent. The stocks are among the 30 that make up the Dow. All the components of the index climbed Tuesday.

Here's a link to the rest of the article about Citigroup. Let's hope this is just the first of a long list of good news to come! I'm sure it will take quite a bit of time, but at least this is a good start. Watch for prices to give back at least 1/3 of the rise tomorrow, more than that if NObama opens his pie hole about the economy again.

19 comments:

Glenn Beck today on the radio was talking about how MUCH money the banks are giving to people with good credit. Have you heard that, too, Average? I'm scratching my head thinking "Is the media lying THAT MUCH to us?" He had figures!! But, I had to get out of the car so I didn't hear.....

Most everyone I know says business it pretty good right now. WASSUP? Is the media lying just to boost the socialist dream? (Did I really ask that question? ME?!)

I'm beginning to wonder how much is real and how much is just to rationalize spending the countries revenues from the year 2017. That is about where we will be at before its done. If this is a stunt to promote socialism, then some people should definitely do jail time for TREASON! And that includes the Halfrican!!

David, you're right. The markets always recover eventually and yes, the messiah will get the credit from the lefties, but not from we who know better.

Angel, it won't go straight up. Do you like roller coaster rides? Get ready for a long ride. My guess, a minimun 6 years before we see 14,000 dow again.

Brooke, isn't it ironic. They all hope and pray that when they speak, it makes a difference, but they fail to see what the consequences are. There is a time to speak and a time to STFU. They just don't get it.

Shoprat, the recovery will be a LOOOOONG process. We didn't get here overnight, we won't bounce back much faster.

Truth, you just admitted to trading with insider information. See, he knew he was going to not say anything economic for a day or two and that would make the markets ries. A no-brainer. As it happens, I bought in a bit Monday also.

AA, I was glad to see the rise on wall street, but I think it may be a temporary measure. I think the rise in gas is because of the opec meeting to decrease the flow....I believe we have decreased our usage of gas in the US. I guess we just pray a lot.....stay well...

Ted, I think you are right. I don't think NObama gives a shit about us or our economy. I think the only concern for him is getting his socialist agenda passed as fast as he can, before the American public wakes up to smell the rotten coffee he has brewed. Most people still don't see how terrible he is for this country. They will when it's to late.